Crude Oil Prices Reach Record High Amid Global Tensions

Crude oil prices surged to a historic Rs 10,888 per barrel in futures trade, driven by global energy benchmarks and supply concerns from geopolitical tensions in West Asia. On the Multi Commodity Exchange, both April and May contracts saw record highs, with further increases in international oil markets.

Crude oil prices soared by Rs 300 to a historic high of Rs 10,888 per barrel in futures trading on Tuesday, as global benchmarks reflected heightened supply concerns and geopolitical tensions in West Asia.

The Multi Commodity Exchange (MCX) recorded an increase in the April delivery of crude oil by Rs 300, equivalent to a 2.83% rise, setting a lifetime high at Rs 10,888 per barrel. Likewise, the May contract experienced a rise by Rs 170, or 1.82%, achieving a record peak of Rs 9,485 per barrel.

Analysts cited tightening global supply conditions and uncertainties around the Strait of Hormuz, a crucial shipping route for energy exports, as significant factors contributing to the rally. Meanwhile, the international market saw West Texas Intermediate (WTI) crude futures for May advance by USD 4.14, equating to a 3.7% increase, reaching USD 116.55 per barrel, and Brent oil for the June contract climbing 1.5% to USD 111.40 per barrel in New York.

(With inputs from agencies.)